Both on Fixed Term Contracts - mortgage achievable?

monk345

My partner and I are in I suspect a slightly unusual situation (and I realise, extremely fortunate) - we have a large deposit (due to an inheritance) but less stable income. I've been working for 5 years but am about to start a job which due to unknown future funding is a 12month fixed term contract (although within the same employer I've worked for the last 12months, just new role), and he is currently finishing up a PhD and has an offer for a 3 year fixed term research job from Jan 2019. Our combined salaries from Jan will be c. £55k, raising to c.£61k once his PhD has been awarded. Although I'm choosing a short term contract, I have a stable employment history, am professionally qualified and am not concerned about future job prospects; I realise lenders might not see it that way though!

We would be looking at houses in the 325-375k range, and have a deposit of c. 200-250k, so would be looking at raising a mortgage of 100-150k.

Considering our large deposit and decent combined income, do you think we have a chance of getting this mortgage despite the very fixed term nature of our jobs?

Would a L&C no-fee mortgage adviser be able to advise or would be better off paying for a more specialised one? Are their brokers and/or lenders who specialise in brokering for those on fixed-term contracts?

Many thanks for any advice

butterflybook

You need to instruct a broker - I would say L&C would not be the starting point as your case is not straight forward a local broker would be my first point of call

monk345

Thank you.